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20121201
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in the philippines had a huge negative equity. the central bank can go on positive equity. they have all sorts of tools they can theoretically use other than having to unwind their balance sheet. they can increase reserve ratio, the interest rates they pay on excess reserves, and so on. they have a lot of control. that makes me less worried about the fed's balance sheet. are doing recently. fairly easily. this massive fed undertaking, in almost a desperate way, gets at the underlying problem. issue. it is a fiscal policy issue. we have a lack of leadership. the threat of the tax policy expiring all tax policy, much of which has been in place to over a decade, has been a congressionally made thing. congress refuses to work on it until now. likewise, they have refused to tackle the spending part, both of which get us to our debt. you have this utter lack of anything happening responsibly. we have to have things happening on the budget. the fed is looking to do something on the unemployment issue. we have to have serious steps taken and we need stability in tax policy. >> with that, i am going to
of these economic things in philippines and india. someone calls baker. he says, jim, the president is going to love this bill. he is going to love it. "just tell him to shut up. his friends are not going to get this bill. there want to get to him. don't say anything until you can fully brief him." that is the way it happened, and that was the past as a question of the process. >> that was the process in 1986. can that happen today? >> it feels like a different environment. i do not know, but right now we are in the middle of a political test of wills on marginal tax rates. nots interesting we're fighting on the underlying principle, which is that wealthy ought to pay more in order to help us close debts and deficits, get our economy back on track. right now the president thinks he won a point, was vindicated by his victory in the election, and republicans did not want to do that, but he has the good hand in this struggle. restoring the clinton tax rates is something i would support. we supported them back in 1991 when bill clinton was running for president. no problem on that. it is a reasonable ad
it -- and partners such as singapore and the philippines and expanding our dialogue and -- in exchanges with china. we are also an handed our presence and capabilities in the region. that includes -- expanding our presence and capabilities in the region. that includes allocating our naval fleet to have a 60/40 s plit between the pacific and atlantic oceans, increasing army and marine presence in the region. locating our most advanced aircraft in the pacific, including new deployments of f- 22's and the mv22's to japan. and lay the groundwork for the first overseas deployment of the f-35 joint strike fighter. the third element of our strategy is that as we do force projection in the asia-pacific and middle east, we still have to maintain our global leadership and presence by building innovative partnerships and partner capacity across the globe and using these innovative rotational deployment as a way to do exercises and training with other countries, developing their capabilities so they can provide for their own security. in latin america, africa, europe, and elsewhere. the past decade of war has
know your initiative is known as the partisanship. i will never forget in the philippines, your efforts on the floor -- you had this amazing ability and sense of purpose in finding common ground and reaching out to people on both sides of the aisle. every member of the committee has joined in presenting new resolution, and i just want to read, just the introduction. to route his 36 years in the united states senate, richard lugar has served indiana and the united states with grace, distinction, and testing, and will have many more contributions to the nation that he reveres. we want to present this to you. [applause] >> thank you. thank you very much. mr. chairman, i thank you very much. i am very grateful to have this opportunity -- to have had the opportunity to serve with each and everyone of you. thank you for this special privilege. >> finally, we are also going to be losing jim webb and jim demint. jim came here and did something that very few freshmen can do a getting a major piece of legislation passed, the new gi bill. on the committee, he has been critical to our thinking abou
Search Results 0 to 4 of about 5 (some duplicates have been removed)

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